www.chinaeducationresources.com
VANCOUVER,
July 5, 2011 /PRNewswire/ - China
Education Resources, Inc. ("CER") (TSXV: CHN) (OTCQX: CHNUF), a
leading technology provider of online learning, training courses
and tools for teachers, students and education professionals in
China, announced its financial
results for the first quarter of 2011. All figures are expressed in
U.S. dollars.
China Education Resources generated gross
revenues of $2,192,958 in the first
quarter of 2011. This is compared to gross revenue of $1,702,788 for the same period in 2010,
representing a 28.8% increase in revenue. It recorded a net profit
of $443,991 as compared to a net loss
of $288,767 for the same period in
2010.
Q1 of 2011 financial highlights include:
Online teacher training revenue of $426,110 generated during the first quarter of
2011 as compared to $283,319 during
the same period in 2010, representing a 50% increase in revenue of
teacher training;
Text book sales revenue of $1,766,848 generated during the first quarter of
2011 as compared to $1,419,469 during
the same period in 2010, representing a 24% increase in revenue of
text book sales.
Since October 2010, China
Education Resources finalized agreements to provide online
education and training to teachers and education professionals in
14 provinces of China. The Company
has implemented a four step growth and revenue strategy which is
now being commercialized and expanding out national wide in
China. The first step involves
working with various levels of government to deliver the online
teacher training programs. The second step integrates our products
and services into the teachers' daily routine. This will allow
teachers to interact and communicate with each other. The third
step is to promote our school based platform to teachers and the
fourth step is to engage the students with our school based
platform which includes our collection of online tutoring courses,
assessment tools and educational games. Our corporate revenue is
generated from each of the steps of our growth plan.
"We are very pleased with the direction of our sales and
operations. Proven by the revenue figure of the first quarter of
2011, our four-step growth plan is emerging as a rapid growth
business model" said Chengfeng Zhou,
CEO, China Education Resources. "We have started a three years
training program for 6,600 teachers in Chefeng City of Inner
Mongolia and other cities of Inner Mongolia will follow up with a
similar program in 2011 compare with only an initial 1,200 teachers
training program in Inner Mongolia in 2010; approximately 4,500
teachers training program for Chongqing City in 2011 compare with 1,000
teachers training program in 2010; the provinces of Gansu, Qinghai, Shaaxi, Guangxi and Anhui have confirmed to engage CER to provide
online teacher training programs for these provinces in 2011 with
more teachers to participate than 2010. We also expect to have more
orders for the teacher training programs coming from other
provinces and our revenue will continue to grow significantly in
2011."
In collaboration with China's
education administrators and experts, China Education Resources has
been helping to transform the curriculum of the world's largest
educational system. Recognizing the need to address education
reform changes, China Education Resources has created educational
tools and curriculum for China's
entire kindergarten through twelfth grade system. The Company is
playing an integral part in transforming China's educational system through helping to
convert the existing educational system from a memory-based
learning system to a creative thinking and interactive approach.
Presently, China Education
Resources has over 1 million kindergarten through twelfth grade
teachers registered through its Web portal. For more information,
please visit www.chinaeducationresources.com or call (604)
331-2388.
Safe Harbor Statement
Certain statements made herein, and other statements relating to
matters that are not historical facts and statements of our
beliefs, intentions and expectations about developments, results
and events which will or may occur in the future, constitute
"forward-looking information" within the meaning of applicable
securities legislation. Forward-looking information and statements
are typically identified by words such as "anticipate", "could",
"should", "expect", "seek", "may", "intend", "likely", "plan",
"estimate", "will", "believe" and similar expressions suggesting
future outcomes or statements regarding an outlook. All such
forward-looking information and statements are based on certain
assumptions and analysis made by China Education Resources, Inc.'s
management in light of their experience and perception of
historical trends, current conditions and expected future
developments, as well as other factors management believes are
appropriate in the circumstances. These statements, however, are
subject to a variety of risks and uncertainties and other factors
that could cause actual events or results to differ materially from
those projected in the forward-looking information or statements.
Important factors that could cause actual results to differ from
these forward-looking statements include those described under the
heading "Risks and Uncertainties" elsewhere in the Company's
MD&A filed at www.SEDAR.com. The reader is cautioned not to
place undue reliance on forward-looking information or statements.
Except as required by law the Company does not assume the
obligation to revise or update these forward looking statements
after the date of this document or to revise them to reflect the
occurrence of future, unanticipated events.
The TSX Venture Exchange has not reviewed, and does not accept,
responsibility for the adequacy or accuracy of the contents of this
press release.
SOURCE China Education Resources Inc.